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A local redevelopment authority has voted to remove LStar Ventures as master developer of the 1,450-acre Union Point property, but some of the company’s executives say they hope to take control of the project.
The Southfield Redevelopment Authority terminated the disposition and development agreement for the property in Weymouth, Rockland and Abington. At the board’s meeting Wednesday, some LStar executives said a five-member local management team is seeking to meet the company’s financial obligations, The Patriot Ledger reported.
LStar is the fourth master developer to try to redevelop the former naval air station which was decommissioned in 1997. Approximately 900 housing units have been built, but plans for up to 8 million square feet of commercial development have failed to gain traction.
And lender Washington Capital Management this month foreclosed on 115 acres of residential development parcels approved for more than 3,300 residential units.
LStar has 30 days to respond to the board’s vote. The board notified LStar in December that it was in default of the agreement because of failure to secure a long-term water supply source and to submit a document spelling out projected revenues from future development.
Weymouth Mayor Robert Hedlund last year said the town would not provide LStar with water for future development, citing lack of confidence in company leadership. Lawsuits between the company’s former CEO, Kyle Corkum, and current management prompted a judge to block LStar’s sale of assets above $25,000.
LStar did not immediately respond to a request for comment on Wednesday’s vote.
